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Indian shares declined for the second straight session on Friday, dragged by a broad-based slide amid sustained profit booking after the Reserve Bank of India signaled tighter monetary conditions could persist. The blue-chip Nifty 50 closed 0.38% lower at 18,563.40, while the benchmark S&P BSE Sensex fell 0.35% to 62,625.63.Despite the slide in the last two sessions, the benchmarks held on to weekly gains, aided by a 1% rise in three sessions ahead of the RBI's policy on Thursday.Here's how analysts read the market pulse:“The domestic market had a positive start to the week, buoyed by favourable indicators such as stronger-than-expected PMI figures, sequential growth in auto sales, and robust expansion in bank credit. These factors instilled confidence in investors regarding India's growth prospects. However, market sentiment was dampened as the RBI opted for a cautious approach by refraining from a significant cut in the inflation forecast."The central bank cited concerns over geopolitical uncertainties, the potential impact of El Nino, and the rise in the minimum support price while reaffirming their commitment to bringing down inflation to near the targeted 4%. Market participants are now eagerly awaiting the release of domestic inflation data for May, which is anticipated to show a cooling down from the current level of 4.7%," said Vinod Nair, Head of Research at Geojit Financial Services.Global cues will also play a significant role in shaping the market trend, with investors closely monitoring the outcomes of the FOMC meeting and the US inflation print, he added“Nifty's key make-or-break support is seen at the 18389 mark, while the index could face resistance at 18,888 and 19,100 zones. Barring Realty & Private Banks, all the other sectoral indices ended in the red, with maximum pain seen in PSU Banking index,” Prashanth Tapse, Senior VP (Research), Mehta Equities, said.That said, here’s a look at what some key indicators are suggesting for Monday’s action:US marketStocks drifted higher on Wall Street, giving the S&P 500 its fourth winning week in a row.The benchmark index edged up 0.1% Friday. The Dow Jones Industrial Average eked out a gain and the Nasdaq composite rose. Tesla was at the front of the market, rallying 4.1% after announcing that General Motors electric vehicles will be able to use much of the company’s extensive charging network beginning early next year.Investors are looking ahead to next week’s potentially market-moving events, including the Federal Reserve’s next meeting on interest rates and updates on inflation.European SharesEuropean shares slipped on Friday, rounding off a lacklustre week that saw investors step to the sidelines ahead of crucial updates from the U.S. Fed and European Central Bank (ECB), while Croda slid on a tepid profit outlook.The pan-European STOXX 600 index closed 0.2% down and ended the week 0.5% lower.Tech View: Red candleHeadline index Nifty formed a red candle on the daily chart as bearish divergences in RSI and MACD ensured that any rise was met with rejections.The positive chart pattern like higher tops and bottoms continued in Nifty on the daily time frame. The present weakness could be in line with the new higher bottom of the sequence but the higher bottom reversal needs to be confirmed, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.Stocks showing bullish biasMomentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of Max Healthcare, KCP Sugar, Sequent Scientific and Kesoram Industries, among others.The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.Stocks signaling weakness aheadThe MACD showed bearish signs on the counters of CMS Info Systems, IDFC First Bank, Bank of Baroda and Rama Steel Tubes, among others.A bearish crossover on the MACD on these counters indicated that they had just begun their downward journey.Most active stocks in value termsKotak Bank (Rs 2662 crore), HAL (Rs 2161 crore), IEX (Rs 1791 crore), HDFC Bank (Rs 1469 crore) and PayTM (Rs 1291 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.Most active stocks in volume termsSuzlon Energy (Shares traded: 29.38 crore), IEX (Shares traded: 14.61 crore), YES Bank( 11.44 crore), Vodafone Idea (Shares traded: 9.99 crore), and Reliance Power (8.29 crore) are among the most traded stocks in the session on NSE.Stocks showing buying interestShares of Greenlam Industries, Ion Exchange, HAL and Delta Corp witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.Stocks seeing selling pressureShares of Indian Energy Exchange and Aavas Financiers, among others, hit their 52-week lows, signalling bearish sentiment on the counters.Sentiment meter favours bearsOverall, market breadth favoured bears as 1,679 stocks ended in the green, while 1,862 names settled with losses.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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